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The home insurance market is crumbling. These owners are paying the price (www.cnn.com)

submitted 8 months ago by MicroWave to c/news

99 comments fedilink hide all child comments

The home insurance market is crumbling in New Orleans, leaving Alfredo Herrera with few options for coverage — and skyrocketing insurance premiums.

Herrera, 35, works in finance for a local bank. He bought his 900-square-foot home in New Orleans’ Mid-City neighborhood in 2020 for $270,000, and lives there with his partner.

In 2022, he paid $1,600 a year for home insurance. But last July, his insurer canceled his coverage, saying it was leaving Louisiana.

In the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem.

But as climate change increases the frequency and severity of extreme weather, insurers — especially those in areas most impacted by floods and fires — are raising their premiums, or pulling out altogether, impacting the affordability and availability of home and fire insurance.

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[–] Cryophilia -1 points 8 months ago

Depends. Monopolies with price controls work well for some industries, like utilities. I do agree that everything should be done to encourage a private market with competition, within reason, but regulation needs to be strong.